Browsing by Author "Berntsson, William"

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    Good investments? An investigation into the shortand long-term returns on the Swedish MTFs.
    (2022-06-29) Berntsson, William; University of Gothenburg/Graduate School; Göteborgs universitet/Graduate School
    Multilateral trading facilities (MTFs) are fairly new and rapidly growing secondary tier stock exchanges. This thesis investigate the short- and long-term stock returns for all companies which have ever listed on a Swedish MTFs. I find evidence of IPO over-pricing for companies with institutional investors as these companies present negative short-term returns. In the long run, most of the companies on these exchanges return negatively but a few companies return multiple fold. MTFs provide an important function to the financial markets in providing financing for emerging growth companies that may later transition to first tier stock exchanges. In this context, MTFs act as both bridge financing and a filter, as companies that do not grow sufficiently remain listed on the MTFs whilst the worst performers are eventually acquired or liquidated whilst the successful companies jump stock exchange.
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    The impact of ESG score on firm's cost of capital and riskiness
    (2019-07-05) Berntsson, William; University of Gothenburg/Department of Economics; Göteborgs universitet/Institutionen för nationalekonomi med statistik; University of Gothenburg/Department of Business Administration; Göteborgs universitet/Företagsekonomiska institutionen
    This paper investigates the relationship between a firm´s Thomson Reuters ESG score and its weighted average cost of capital & implied credit default swap spread. The research is conducted on the Swedish stock exchanges and uses all available firms with an available ESG score. The effect is measured from 2017 to 2019. The paper uses a random effects regression in combination with a pooled OLS regression to determine the relationships. There is no evidence that ESG score affect a firm´s weighted average cost of capital. There is evidence at 5% significance that ESG have a positive effect on a firm´s implied CDS spread with a coefficient of .2081717 or .2368187, depending on the modelling. The findings stand in contrast to some previous literature which finds that ESG has a significant effect on a firm´s cost of capital.